Case Study : Payment Protection Insurance
|Compass have worked with a financial services client and their Corporate Partner, to deliver a three stage research journey, including customer segmentation.|
In order to; firstly understand consumers perception of a Payment Protection Product and the purchase experience, secondly to identify how the standard product could be developed, in order to offer cover which had broader function and was easier for a customer to understand and thirdly identify the size of the potential market and the most appopriate marketing strategy.
Compass designed and managed the research programme and undertook; significant desk research into; existing research, current OFT initiatives and FSA legislation, in order to fully understand the current product environment.
Creative qualitative research, involving group discussions and depth interviews, identified; the existing customer psyche, new product developments and enabled crucial marketing communication research to take place, to ensure clear and concise marketing messages were identified.
A quantitative segmentation followed, to segment and validate the size of the market opportunity for this new look PPI offering.
Compass worked with the financial provider, distributor and marketing and advertising agencies throughout this research process, delivering insights at each stage and acting as the consumer conscience as the product was developed internally.
The outcome of this research resulted in an innovative and consumer ‘fair’ product being launched, in line with the current recommendations from the Office of Fair Trading.
Click here to see more Case Studies